Emirates has signed a $112 million Islamic financing for one A340-500 aircraft with Dubai Islamic Bank (DIB) as arranger with a share of $87 million and Abu Dhabi Islamic Bank (ADIB) as a $25 million participant in the funding.

This is the first time an entire wide-body aircraft has been financed by two United Arab Emirates (UAE)-based Islamic banks. The new Airbus will be the fourth to join Emirates' fleet. It will be used on various long haul routes, including non-stop services from Dubai to Sydney, and will take the Emirates' fleet to 59 aircraft.

The financing, structured as a 12-year Islamic operating lease denominated in US dollars, was structured and arranged by DIB. The funding is provided by DIB and ADIB at a competitive rate compared with conventional modes of financing, stated a company news release.

Emirates has 58 Boeing and Airbus jets in its fleet, 29 Airbus A330-200s, 12 Boeing 777-300s, nine Boeing 777-200s, three Airbus A340-500, one Airbus A310 and four Boeing 747 freighters. It now serves 71 cities in 56 countries in Europe, Middle East, Africa, Indian subcontinent and Asia-Pacific. Its Brisbane services started this month, and next year it will launch non-stop flights to North America. — (menareport.com)